According to how and when you file your income tax return determines the length of time it make the CRA to process your return. As online filing method or e-filing is the fastest, easiest and safe method, you may certainly avail of this electronic filing method.
Suppose you prefer paper filing method and file before April 15, it will take around four weeks and if you prefer electronic filing method, you may get your refunds within two weeks. It means that you are supposed to file your income tax return online as early as possible so that your file may get processed soon.
However, to get more information on your income tax return you may contact the CRA directly or visit their website if you seek information. For instance, if you are willing to get by mail, it may take considerable time compared to getting your tax refund Canada online.
Although I had no idea about them before hand (same as 99% of the Canadian population) there is quite a lot of Income Tax help in Canada available in the form of 'tax strategies' which can minimize your Income tax bill. The concept of tax shelters is legal in Canada and has been proved so in court
Tax shelters are in the business of tax credits which allow much greater savings than tax deduction schemes.
The shelter I opted for was a donation tax shelter; this meant that I was able to save on my taxes and donate large quantities of HIV drugs to Africa. Research your options and take control of your tax money.
With the help of internet filing your taxes will be much easier as compare to earlier.
However the ratio of filing Canada Taxes Online in people is too low. Here are some Numbers which indicates the situation of Current filing situation.
- Paper - 11.29 Million returns (42.4%)
- Net file - 4.63 Million returns (17.4%) - The system that individuals use when filing their taxes through software applications like TurboTax, Utile, etc...
- Exile - 10.24 Million returns (38.5%) - The system that tax professionals use to file other people's taxes.
- Teleflex - 445,067 returns (1.7%) - An automated system used for VERY simple tax returns.
Is it was worth saving the money for the tax-software? In addition, filing your taxes online provides a much quicker turn-around time for your tax-return if the management owes you money!
The next query is what are the expenses to the tax-payers of Canada to have a paper-tax filing structure? Surely an online tax filing technique must be cheaper than paying direction employees for data-entry. What about insertion the paper-forms online so everybody can file online and the data-entry step is impassive!
If you wish to file your Canada tax return to the Canada Revenue Agency (CRA) before the deadline, you should know how to do it accurately.
It is the middle of February, when the Canada Revenue Agency begins the process of Canadian income Tax Returns. You should file your taxes early so that your return may get processed early. It is really difficult to learn about the processing time taken by the CRA for your return because it depends on the way you file your taxes and the time when you submit your return file. If you file your return before the 15th April and you choose paper filing then you will get your return processed within four weeks. If choose TELEFILE, EFILE or NETFILE for your return, then your file will be processed within two weeks.
And, if you file your Income Tax Return after 15th April using paper filing method, then you will have your return being processed within six months. For TELEFILE, EFILE or NETFILE return will take two weeks to get your file processed.
There are certain things you should remember while filing your Canadian taxes online. You should pay the exact amount of tax you owe. You should not miss the deadline for paying taxes set by the CRA. The deadline for filing Tax Return is 30th April. If you file your income tax return after the deadline, then the Canada Revenue Agency will charge you a penalty and interest on your unpaid amount.